FG, States, LG Share N652bn In June

Federal government, state governments and local government councils, have been allocated a total of N652.229 billion as federal allocation for the month of June 2017.

This was contained in a communiqué issued by the Federation Accounts Allocation Committee, FAAC, of the Office of the Accountant-General of the Federation, at the end a meeting held on Tuesday in Abuja.

According to the statement, the gross statutory revenue received for June is N570.584 billion, N253.022 billion higher than the previous month at N317.562 billion.

“The shared amount comprised the month’s statutory distributable revenue of N570.584 billion and the Value Added Tax of N81.645 billion.

“Accordingly, from Net Statutory Allocation, the federal government received N274.893 billion representing (52.68 per cent); states received N139.429 billion (26.72 per cent); local government councils received N107.494 billion representing (20.60 per cent); while the oil producing states received N29.894 billion as 13 per cent derivation revenue.

“Furthermore, from the revenue available from the Value Added Tax (VAT), federal government received N11.757 billion (15 per cent); states received N39.190 billion (50 per cent) while the local government councils received N27.433 (35 per cent).”

The communique further explained that there was a decrease in the average price of crude oil from $55.18 to $50.27 per barrel and a significant decrease in export volume by 3.20 million resulted in decreased revenue from export sales revenue by about $183.68 million.

There was also shut-in and shut-down of pipelines due to the activities of vandals as well as for maintenance which impacted negatively on production.

Furthermore, the Force Majeure declared that the Forcados terminal since February 2016 was still in place. Significant increases were also recorded in Companies Income Tax being the peak period for its collection.